Equity LifeStyle Properties, Inc. (ELS) Stock Analysis

Equity LifeStyle Properties (ELS) benefits from several durable competitive advantages in the manufactured housing (MH) and recreational vehicle (RV) resort sector. First, ELS’s portfolio is both large and strategically located: as of Q4 2025, it owns or has interests in 455 properties and 173,341 sites across 35 states and British Columbia, with a concentration in high-barrier-to-entry coastal and Sunbelt markets. This geographic positioning limits new supply and supports pricing power.

ELS’s business model is anchored by a land-lease structure, generating stable, recurring rental income—about 91% of revenue comes from annual sources. The manufactured housing segment, which accounts for roughly 60% of total revenue, maintains high occupancy (over 94%) and low resident turnover due to high switching costs; moving a manufactured home is expensive and disruptive.

Scale provides ELS with operational efficiencies and bargaining power in procurement and insurance. Customer satisfaction is evidenced by industry recognition, such as 55 RV resorts receiving the 2025 TripAdvisor Traveler’s Choice Award. The company’s disciplined capital allocation and strong balance sheet (debt/EBITDA ~4.4x, no major maturities before 2028) further reinforce its resilience.

Compared to Sun Communities (SUI), its closest peer, ELS is slightly smaller but more focused on high-quality, age-restricted communities. Both firms enjoy similar occupancy and growth, but ELS’s portfolio concentration in supply-constrained markets is a key differentiator.